Australia set for weakest growth since WWII over next 40 years
The latest Intergenerational Report forecasts annual average growth 0.9 percentage points lower than the average annual growth of the past 40 years.
ASX to open higher; US bonds hit fresh 15-year highs
Australian shares are set to open higher as the Nasdaq lifted Wall Street. Treasury yields continued to reach new highs and China’s growth woes continued.
- Exclusive
- Productivity
Beware of ‘picking winners’ about to plummet, PC boss warns
Michael Brennan has warned the government not to succumb to the allure of industry policy targeting high-profile emerging sectors where prices are set to plummet.
- Opinion
- Chanticleer
Three ways the office property reckoning will play out
Charter Hall’s David Harrison says history provides a good guide to how the pressures in the office property market will be resolved.
- Opinion
- Big four
The New Zealand market isn’t quite as grim as CBA has you believe
New Zealand bankers have hit back at the claim by CBA boss Matt Comyn that the New Zealand mortgage market is now offering unsustainable returns, writes Karen Maley.
- Updated
- Executive shake-up
Lew’s Premier eyes Smiggle, Peter Alexander spin-off, CEO exits
Richard Murray abruptly stepped down from Solomon Lew’s empire, which is considering an operational overhaul carving out its retail brands.
Pub baron seeks green light to lift Star stake
Billionaire businessman Bruce Mathieson already owns a 9.97 per cent stake in the embattled wagering group, but wants the option of acquiring a larger share, sources said.
Breaking news on companies, politics and economics, in your inbox as it happens.
EARNINGS SEASON
- Opinion
- Chanticleer
What we learnt from Monday’s results
Ampol gets some feedback on its retail plans, Westpac’s costs rise, Breville toasts its inventory, and we meet America’s mortgage prisoners.
a2 Milk meets full-year guidance but warns on China
The a2 Milk Company has eked out a double-digit gain in revenue and small gain in 2023 earnings but warned China will be more challenging this year due to fewer newborns.
Distressed selling on the rise: McGrath
House prices in the lower end of the market could fall by up to 5 per cent over the next three to six months as some homeowners struggle to meet increases in mortgage repayments, real estate agent John McGrath warns.
Westpac books $1.8b quarterly net profit but costs are rising
The bank pointed to a deterioration in credit quality, expense growth and a contraction in its margin from mortgage competition, in a third quarter update.
BlueScope to spend $1.15b on old-school steelmaking
CEO Mark Vassella says higher migration and a housing shortage should underpin demand for Colorbond roofing even though interest rates have risen sharply.
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Companies
Vic to support AGL’s Loy Yang coal plant in hush-hush deal
It comes despite pressure from Mike Cannon-Brookes for the power plant to close earlier, and as EnergyAustralia plans to cut back output at its NSW generator.
- Analysis
- Rich List
From Dr Zhivago coats to a $3.5b empire: How Solomon Lew did it
The retail legend has long combined astute deal-making with a natural affinity for what the consumer wants.
Australia’s secretive family offices in decade-long boom
Australian family offices have grown exponentially over the past decade and their CEOs are among the best paid.
IAG discloses $7b in legal claims after Greensill Capital collapse
IAG is dealing with $7 billion in claims related to insurance provided by a former subsidiary including policies issued to collapsed financier Greensill Capital.
- Exclusive
- Healthcare
Icon Care cancer care provider expands to UK
Australia’s largest integrated provider of cancer care services has penned a new deal with Nuffield Health, the UK’s largest healthcare charity.
Qantas sued over ‘misleading’ flight credits, refunds
Hundreds of thousands of passengers waiting for refunds could claim compensation for lost interest from Qantas.
Fortescue’s $3.1b mine surprise comes sooner than Forrest predicted
Six months after Andrew Forrest said the Nyidinghu mine was deferred into the 2030s, Fortescue says construction will start in 2026 and first ore will come in 2028.
Companies in the News
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Markets
Brokers cut profit forecasts despite resilient FY23
ASX earnings are tipped to contract by more than 5 per cent in the 2024 financial year, despite companies so far surprising to the upside this earnings season.
Goldman Sachs explores retreat from mass market investing advice
The firm is looking to sell an investment advisory business as it unravels CEO David Solomon’s ill-fated push into the mass market.
ASX dips on China woes; Iress, a2 Milk slump
The tech sector weighed on the local sharemarket, while A2 Milk shares hit a one-year low after China’s falling birth rate hurt revenues.
Arm listing set to be turning point for IPO market, SoftBank
The IPO, planned for September, is on track to be the year’s largest and could be one of the biggest tech listings ever on a US exchange.
Investors short the $A as China takes centre stage
Hopes of a soft economic landing in the US have led investors to shift focus on the next big risk: China’s deteriorating economy.
Opinion
The Matildas delivered. Will business and government?
The nation’s love affair with the Matildas has changed the rules of the game for women’s sport. Will it change the money?
Columnist
If nuclear power stacks up overseas, why wouldn’t it in Australia?
Canada, the US, UK and Japan are incorporating small modular reactors into net zero energy transitions, so that nuclear power can back up intermittent renewables.
Editorial
Hellish co-workers another excuse to WFH
The pandemic eased the scourge of the loud or smelly colleague, but the return to the office is bringing new woes.
Columnist
How to stop Biden hurting our renewable industries
The Future Fund helps Australia to match the distorting largesse now being handed out by the Biden administration.
Former Labor minister and economist
Best help for clean industries is getting the basics right
Australia cannot come close to matching the massive US climate subsidies. The response should be to remove self-imposed handbrakes on productivity, investment, and global competitiveness.
Editorial
University funding plan is a game-changing own goal
Forcing higher education to tax itself to fund Australia’s advanced research is a nonsensical non-starter of an idea.
Higher education leader
Reports
Defence - Facing future challenges
A special report on progress in building Australia’s defence capabilities following the strategic review.
Politics
‘My son is not a public figure’: Albanese
Prime Minister Anthony Albanese has responded to reports he never disclosed his son’s membership to the exclusive Qantas Chairman’s Lounge.
- Exclusive
- AUKUS
AUKUS subs deal ‘could worsen US shortfall, blunt China deterrence’
A report for US politicians warns that AUKUS could worsen submarine shortages, fail to deter China and increase the risk of enemies stealing military secrets.
Minister backs carbon capture, days after Labor downgraded it
Capturing carbon and storing it is a “key mechanism” in the fight against climate change, Resources Minister Madeleine King says.
More than 11pc of boys aged 5-7 are on the NDIS
The NDIS is on track to once again exceed official participant projections as the program experiences strong enrolment rates among children with autism.
Hanson and No campaigners drowning out Voice case
New analysis of speeches, interviews and social media posts reveals the ferocious push against constitutional recognition.
SPONSORED
World
China’s billionaire heiress tries to stave off collapse
The chair and majority shareholder of Country Garden, China’s biggest property developer, was once Asia’s richest woman.
A private jet loaded with fake gold sparks international mystery
When Zambian officials discovered millions of dollars of cash, weapons and hundreds of bars of gold in a Bombardier jet, the haul stirred wild speculation in Egypt and Zambia.
- Opinion
- Workplace
Hellish co-workers another excuse to WFH
The pandemic eased the scourge of the loud or smelly colleague, but the return to the office is bringing new woes.
Russia’s moon failure a blow to space partnership with China
The ill-fated spacecraft was aiming for the intended location of a joint base that space agencies in China and Russia had agreed to build together.
- Analysis
- Energy transition
This green city is trying a mini nuclear reactor. Why isn’t Australia?
In the first instalment of the Nuclear Options series, a small modular reactor in Canada’s Ontario could power 1.2 million homes by the end of the decade. Now it’s trying to convince Australians to try them too.
Property
Charter Hall to lift distribution 6pc despite property headwinds
Property funds under management – the engine room of Charter Hall’s business – rose 9.5 per cent to $71.9 billion during 2023.
Marriott pleads for more flights as it opens first airport hotel
Marriott regional boss Sean Hunt says airlift capacity needs to rise if new hotels like its 301-room Moxy at Sydney Airport are to thrive.
Multiplex sues Star for $420m over Queen’s Wharf delays
The builder’s statement of claim also details a dispute over the day of mourning for Queen Elizabeth’s death, saying the client was “not reasonable”.
The investment market drawing interstate buyers
In a recovering city where prices are rising, buyers from eastern states are still willing to pay more than locals.
Two-bedroom Sydney unit beats reserve by $356,000
In the busiest auction week since before Easter, clearance rates lifted to a six-week high of 74 per cent across capital cities.
Wealth
ATO targets developers using mates’ rates to dodge tax
Housing investors have been warned about steep penalties for using SMSFs in property investment schemes that fail to reflect true market values and rates of return.
How the TikTok tax fraud overran a country town
At least 56,000 people are facing compliance action for a billion-dollar GST tax fraud spread by social media influencers.
Some REITs will weather the slowdown
Australian real estate investment trusts have weathered huge recent challenges. If things can’t get worse, are they about to get better?
Technology
- Opinion
- Review
It’s the world’s biggest tablet - and it works under water
It’s a nice-to-have feature on Samsung’s very nice to use Galaxy Tab S9 Ultra, especially when summer comes around.
Strong practical help for firms hit by cyberattack
Firms and public agencies hit by cyberattacks are being promised a quick, compassionate and discreet response, aimed at minimising harms, says cyber defence leader, Abigail Bradshaw
- Opinion
- Tech Observed
Telcos struggle for public sympathy in big tech battle
The telco sector will open a can of worms if it goes after big tech for more payments, and it may struggle to win the argument.
Work & Careers
- Exclusive
- University
Charge students more to expand uni access: outgoing PC boss
The Albanese government should increase student contributions to get more Australians into university without hitting the budget, Michael Brennan says.
Union boss with ‘deplorable’ history is behind Labor motion
Builders have warned Labor’s pledge to remove barriers for unions to enter work sites is a Trojan horse for intimidation, pushed by “one of the worst offenders”.
Life & Luxury
- Opinion
- Wine & spirits
The little-known grape varieties powering Australia’s wine industry
In his new book, the Financial Review drinks writer explains how new wines and styles since 2000 have been good for growers and great for drinkers.
Does Australia make the world’s best boots?
Three of the most well-known boot companies were founded by Australians. What’s the secret to putting our best foot forward?
This is what you get when a Fendi sister builds a hotel
Rhinoceros Roma is a boutique property in the heart of the capital with 25 apartments, and gallery spaces. Apparently, people often stay weeks or even months.
The art fair where ‘armchair investors’ are not welcome (on day one)
Desert Mob has launched the careers of many Indigenous artists, which is why people camp out to be first into the Alice Springs event.
Why men are embracing 1970s fashion
Neckties? No thanks! Post-pandemic, the wardrobe of choice is blazers and chinos in looser cuts with quality detailing. And splashes of colour.
